President Bola Tinubu has formally requested the National Assembly to approve a $2.2 billion external borrowing plan to help finance Nigeria’s N9.7 trillion budget deficit for the 2024 fiscal year.

This request was communicated through a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.

The proposed loan, consisting of a $1.7 billion Eurobond and $500 million in Sukuk financing, aligns with provisions in the 2024 Appropriation Act. Tinubu explained that the funds are crucial for sustaining fiscal stability, following the endorsement of the borrowing plan by the Federal Executive Council last week.

In addition to the borrowing request, the President submitted the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper for legislative approval. Tinubu emphasized the urgency of passing these documents, as they will form the basis for preparing Nigeria’s 2025 budget.

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He also forwarded the National Social Investment Programme Establishment Amendment Bill to make the social register a central tool for implementing federal social welfare initiatives.

The President’s letter urged lawmakers to act swiftly on these proposals, stating, “I trust that the House of Representatives will consider the passage of this submission expeditiously.”

The $2.2 billion external borrowing plan reflects Tinubu’s strategy to address Nigeria’s financial challenges amidst growing fiscal pressures. Critics and analysts alike will be watching closely to assess the impact of these measures on the nation’s economic stability and debt sustainability.

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